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Fintech corporations and different entities have moved the needle for client funds in Latin America, notably throughout the world pandemic, prompting customers to be extra comfy with digital funds.
Chile-based Xepelin goals to do the identical with business-to-business funds through a SaaS funds infrastructure that features monetary info in actual time, embedded monetary companies and knowledge fashions, all to be an organization’s “digital CFO” of types.
The corporate raised $230 million in an fairness and debt Sequence A spherical final yr, led by Kaszek, and since then expanded into Mexico, rising its shopper roster over 5 instances to fifteen,000, rising Mexico income by 60 instances and launching its new Xepelin Funds product 90 days in the past that allows customers to prepare and automate funds to suppliers, with and with out financing.
Since being co-founded in 2019 by Nicolás de Camino and Sebastian Kreis, Xepelin additionally grew its worker headcount to over 400.
“This can be a big market, however nobody is basically centered on pure business-to-business,” de Camino informed TechCrunch. “Companies of means have entry to financial institution funds, however round 95% of small and medium companies are unattended. We consider there’s $5 trillion in trapped money that must be unlocked, and we’ve got a discussion board to handle that.”
Now the corporate is doubling down in each Chile and Mexico, whereas additionally eyeing new nations for enlargement and can rent extra staff and launch new merchandise. Help for all of this comes from a brand new $111 million Sequence B spherical of funding — all fairness this time — led by Avenir and Kaszek.
Whereas this spherical is a doubling down for Kazsek, Avenir is a brand new investor becoming a member of the cap desk. Kreis informed TechCrunch that Avenir, having different investments in rising marketings, was in search of “the following B2B funds platform successful in LatAm” and can assist Xepelin get to the following stage.
Additionally collaborating within the spherical have been PayPal Ventures, Wellington, DST International, Battery Ventures, MSA Novo, Endeavor Catalyst, FJ Labs, Picus, Amarena, Gunderson, Carlos Garcia, Cathay-Seaya Latam and Gilgamesh.
“We will nonetheless develop quite a bit in Chile and Mexico, so it’s extra like when is one of the best time to go to different LatAm nations,” Kreis added. “We additionally need to win Mexico.”
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